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overwhelmingly reject a tax on savings. >> in syria, the government and rebels trade accusations of using chemical weapons in a village near aleppo. >> pope francis officially begins his papacy in rome with a promise to embrace the whole of humanity. >> in a vote expected to have wide ranging consequences, lawmakers in cyprus have delivered a decisive and overwhelming note to a government tax to lead the bank accounts. >> that means government cash for pensions, welfare, and health care could dry up as early as may. parliament voted less than an hour ago, following to be would days of high drama, handing the government and brussels a resounding defeat with no delegates voting in favor of the plan. 36 no votes and 19 abstentions. >> the house speaker had urged mp's to say no to blackmail in the vote on the bureau's own bailout package. his words clearly catching the angry mood in the chambers and on the streets. outside the parliament building, angry crowds also called for a no vote and held up signs, warning that other nations like italy and spain could be next in line. for the latest, le
. the government of cyprus has brokered a last-ditch $13 billion bailout deal with european officials to stave off the collapse of its banking sector. under the deal, on deposits above approximately $130,000 in the island's main banks will be frozen and used to help pay off the banking sector's debts. in addition, cyprus' second- largest bank will be shut down. an earlier version collapsed last week when tsipras took to the streets to protest and a tax of up to 10% on their life savings. on sunday, fresh protests erupted. on cyprus withre the economist richard wolff after the headlines. and your report says the cia has been supporting a vast expansion in the flow of weapons to syrian rebels fighting president bashar al-assad. the new york times reports the airlift of arms and equipment to the rebels, largely overseen by turkey, has massively increased since early 2012 to include more than 160 flights in jordanian, saudi and qatari planes. u.s. intelligence officers have helped shop for weapons and have vetted rebel groups to decide who gets the arms. the cia's covert backing comes despite the obam
. >> shannon: a scary thought, imagine the government compensating 40% of your savings. this is "special report." >> shannon: good evening. i'm shannon bream in for bret baier. citizens are going to feel a major pinch, something unthinkable in this country. greg palkot has the lead story tonight. >> the people of cyprus got the news they wanted but it will to be happy about. they have been saved from bankruptcy. one of the biggest banks will be shut down in part of a broader, economic slowdown here. >> it's too bad. >> bad. >> why? >> too bad. >> small depositors would be protected but people with bank account of $130,000 or more could see 40% or more seized by the both to pay for the bail-out. >> our deposits are not safe. >> european union officials defended the approach and called it the new template to handle future euro zone problems. stock markets said to fall in part op that news. european union says it cares. >> we will do everything possible. >> with the the merge european union funds assured some are set -- some banks set to reopen tuesday. they are going to try to prevent run on the
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
, rangery. they're if disbelief over this decision that was struck between the government and brussels leaders on saturday morning. but it's not just the people who are angry. it's also the politicians. many politicians in this 50/60 parliament in cyprus have said they would reject the bailout package because of the hugely unpop already deposit tax. press reports indicate that up to three parties could be volting against the bailout deal, which will be voted on in parliament later today. that's the debate and the vote are expected to kick off around 4:00 p.m. local time. so what the president is trying to do at the moment, he's trying to pure swede the members of parliament that this is the only solution going forward. if they vote against the bailout deal, the only alternative is bankruptcy for this country in the next couple of days. but it's going to be very, very crucial for the president to strong arm the other members of parliament into a positive decision on the bailout deal because at this point in time, he does not have a clear majority in parliament. he only has 20 seats. and
of a managed business or a managed government. i guess that would be saying that it's not a managed government. now, when we took up the budget in committee last week, i offered an amendment to strike the language that provided for the fast-track tax increase process. my amendment was meant to ensure that the tax reform would be conducted in a bipartisan manner to generate a more efficient, fairer and simpler tax code and spur economic growth rather than raise revenue through legislation that can be passed with a simple majority here in the senate. a simple majority vote would ensure that the minority party's views would receive little, if any, consideration. we'd have no input. debate time and the number of amendments that could be offered to improve the legislation would also be limited. we need to have an open process where all members can have their voices heard. we simply need to stop deal making and start legislating. we've had this system around here for awhile where we work from contribed crises that hav have -- contribed crises that have very specific dates in which the sky falls and
a european government is he seizing the private welt alth of citizens. but it has. we've had two terrific weeks and a pullback on friday, but two terrific weeks that took the dow to 14,500. we're expect the market will come down in the first minutes of business today. down maybe 80, 90 points because of the cyprus situation. whoever thought that we'd be sitting here seeing an obscure island in the mediterranean affect our money so sharply. opening trend is indeed down. here we go, they're opening up the stocks and the dow is now down 48, 50 points, 14,400 we're back to now. and get to individual stocks, three big names and now them, apple, blackberry, boeing, all went up last week and i want to start with apple. according to a new analyst survey, apple set to raise its dividend by maybe more than 50%. it doesn't make any difference, it's down two bucks this morning. now, our partners in all things digital reporting that the blackberry chief told an australia newspaper that the iphone is past its prime. it doesn't make any difference, blackberry is down this morning and boeing's rival airb
rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller depositors should be protected. th
and believe in because that is the american dream. not government spending and government jobs. but rather a vibrant free enterprise system whereby there are employers who want to hire people to become employees to have careers, to then make this country better and stronger. the way you do that is by lowering government spending. by having a public-private partnership not by having the federal government be responsible for everything from a one-size-fits all health care industry to government control of every part of our lives. yesterday paul ryan very effectively, i believe, came before the house rules committee nd talked about a vision forward. what's very interesting is everybody else talked about let's just stick it to the rich. let's raise taxes trillions of dollars. let's go and stick it to special interests like people who he provide gasoline at the pump. to raise taxes on oil companies. ladies and gentlemen, every time you raise taxes, you raise prices. and every time you race -- raise prices the consumer has to pay more for it. these are the ideas that make america less able to be
for the united states government for fiscal year 2014, and so forth. mr. reid: mr. president, until 11:00, there is going to be conversation here on the senate floor. at 11:00, there will be six roll call votes. offices, senators should understand, the first vote will be 15 minutes, after that, ten minutes. as we said yesterday, we enforced it yesterday, when the time's up, we're closing it. if the republicans aren't here, too bad, if democrats aren't here, too bad. we're going to have a lot of votes today. so make sure everyone's here. understand if you're not, you will -- the clerks have been asked to turn the vote in. after the votes, we complete the six roll call votes starting at 11:00. there will be two hours of debate remaining on the resolution. therefore, unless something untoward happens, the vote-a-rama is expected to begin around 3:00 p.m. this afternoon. we hope everyone would be -- would understand that we have had about 400 amendments filed, 400. we're not going to do 400 amendments. the average that we have on these vote-a-ramas is between 25 and 35. and so i would -- e
$7100. that's for an individual. for a family of four, the cheapest insurance that the government's going to allow you to buy is going to be over $20,000. now, you compare it to what the premiums are now for individuals, it's about $5,000 for an individual, that's the average price of private insurance, so you can just see an average of a little bit over 5,000 to over 7,000, and for a family of four the average right now is a little bit over $14,000. so that'll go up to 20,000. that's just going to happen with these exchanges when they get set up next year. of -- now, so that's the cost of insurance. but you were supposed to pay a fee or fine if you didn't have insurance. for somebody that makes about 50,000, that fine would be about 1600. if you make $100,000, it'd be over $2,000. but the thing is you really won't even have to pay that, even though that's already quite a bit less than the insurance would cost you. and the reason is because in the obamacare bill it's set up so that the irs, basically, will find it impossible to collect the money from anybody. you know, the irs, it
even passed, the senate democrats' proposal leaves more debt and government that never stops growing. after four years, the democrats are unable to identify any real reforms, no tax reform and no entitlement reform and it's not a serious proposal. i stand again in support of the house budget because it's responsible, it's real, it balances in 10 years and it's the last thing from political. and i yield back. the chair: the gentleman yields back the balance of his time. the gentleman from maryland. van vanch you know -- mr. van hollen: you know what's wrong, mr. chairman? it's to pretend to the american people that you can have it all ways. what's wrong is to pretend that you have a budget that's imbalance in 10 years and pretend that you're getting rid all of the affordable care act, getting rid of obamacare. what's wrong is demagogging savings in medicare which we achieved by ending payments to private companies. by demagogging that and using it to balance your budget and say you know what? we didn't use it to balance our budget. that's what people don't like. people trying to have
. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed by another half hour, one hour. one of the lawmakers was walking into the parliament told me things are looking very, very bad at this point. they're going to be debating and voting on the three bills. the first one is the most contentious one. it's the banking bill. they're talking about winding down cyprus's second biggest banks which is going to be split into a good bank and a bad bank. the second bill is going to be on the called solidarity fund. among other things, this includes the nationalization of pension funds. the third one is a bill on capital controls which would be implemented once thi
that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday. financials made a comeback with exposure in europe. also got a boost w
to ask? my deposits are about to get snatched by the government, and, you know, that's a real problem. you're going to see it spread. sandra: spencer, you can't run and hide. if you're an investor, you have to be in the market. how do you hedge risk? >> get real assets, look at commodities. oil did well. you saw the grains do well. they were up in a down market. you saw gold basically be flat. get in real commodities and get out of stocks because stocks are at all time highs. there's no reason p why you should buy now. sandra: peter, you are a bear with the u.s. dollar. it was the euro that took it hard today. >> yeah, you know, the euro was down, but back to the stock market, the stock market doesn't go up every day. just because it went down today, it's not a big selloff in reaction to the news. i mean, you are going to get down days. i think the market should have gone down more than it did because of the problems, but i think all the money printing is what's going to keep nominal stock prices rising. no one way or the other, you lose value of the deposits because if the bank doesn
republican budget does, mr. president, it's focused on growing the economy, not growing the government. what the democrat budget here before the senate this evening does is it grows the government, not the economy. in fact, if you look at what the analysis that's been done, it's expected that the democrat budget would cost us 850,000 and reduce take-home pay for middle-class families by $1,500. the house republican budget takes serious the challenges facing this country, takes the steps that are necessary to save and protect medicare for future generations of americans, something that this budget, the senate democrat budget, does not do. i urge my colleagues to support this budget. it's a serious one that balances the budget in 10 years and puts our economy back in a growing mode and our fiscal house back in order. i yield the floor. omrs. murray budget raise: yawz. the presiding officer: is there a sufficient second? there appears to be. the clerk will call the roll. vote: the presiding officer: are there any senators in the chamber who wish to vote or to change a vote? if not, on this vote
in limited government and more individual liberty. >> sean: well, then that raises the question when you look at, say, paul ryan's budget versus the democrats they never get into balance. paul ryan saying he can balance it in ten years and increase spending, growth, 3.4% a year. is that conservative enough for you? >> well, we're tugging him in the right direction. last year, you know, my budget balanced in five years. mike lee had a budget that balanced in five years and paul ryan's budget was 28 years to get to balance. this year it's in ten so i think he's coming in the right direction. now, he does things a little bit different and i'm not saying i'm that critical. he tries to bend the curve of spending to slow down the rate of growth. what i say certain things shouldn't be done in washington. department of education i'd send it back to the states. that's what reagan said, what the republican party said. i'm one of the few who would dismantle some of the big bad things in washington and just say, that should remain with the states and the people. that's the only way you'll ever shrink the
country. the government claims rebel groups use the weapons in an attempt that reportedly killed more than two dozen people. the rebels deny it. they claim it was, in fact, the regime that launched the attack. but after more than two years of each side leveling accusations of murder and torture and increasingly desperate employees for support for world powers. it's impossible to know who to believe. the regime claims the chemical attack happened outside of aleppo. syrian state media showed this video and reports it shows so. wounded. the people here do not bear any signs of any chemical warfare. no visible blisters or convulsions, discolored scand so forth. today the white house cast doubt on that government claim. the white house issued a stern warning nevertheless. >> the issue of the possibility of chemical weapons remains a great concern. you heard the president from this podium express his position when he said, quote: the use of chemical weapons is and would be totally unacceptable. and his warning to the syrian regime that, quote: there will be consequences and you will be held acc
, but it is what it is. at the heart of it is ending too big to fail, giving the government new tools to resolve large financial institutions when they feel in a way it will not hurt taxpayers and not subject them to risk. well, it forced losses on the shareholders and creditors of the large financial institutions, which is where they belong. it also requires the federal reserve board to have much tougher prudential standards, so higher capital, more stable liquidity, less reliance on short-term debt. those are the types of things that were problems during the crisis and the fed has been mandated to have better regulation to prevent banks from getting in trouble to begin with. the volcker rule, too, a key part, it was designed to prohibit proprietary trading by those institutions in the government safety net. if you're a bank holding company that has an insured bank that has fdic-backed deposits or access to the federal reserves discount window, you have a lot of government support provided to traditional banks. so volcker is really about customer service. your banking model should be serving cu
out with big gdp figures but i don't believe those figures because they come from the government but when you hear specifics from caterpillar saying they have had a drop of 26% in slowdown of sales in china seems to me to indicate a slowdown over in china. >> well, that is exactly what everybody is waiting to hear about. those infrastructure plays, the material plays are so critical. you kind of had a tippoff when you started looking at some of the industrial metal activity especially copper. that is one of the those little canaries in the coal mine as you saw it there could be a pullback and going into earnings announcements with names like caterpillar. there was a little bit of a flag that said, hey, we could be seeing some misses. david: thanks, joe. lauren: thank you so much. stay with us. we'll come back to you when the s&p futures close. david: let us bring in our market panel. we have brian gendreau and guy labad. thank you, gentlemen. good to see you. brian, i want to go to you first. you have background in the federal reserve yourself. what ben bernanke seemed to be tell
. there are issues relating to the loss of the proprietary information, if they share it with the federal government. we are working through those but if we are to be successful in this realm, we have to develop mechanisms of channeling information between the thought -- between the private sector and federal enclave to participate and the bedside attacks and identify those responsible for those attacks and to make certain they are deterred from the additional attacks. >> thank you. it seems it is a question what can be done now and if this are you really from a good relationship with the private sector? thank you bear much. >> i have heard this is a growing concern about gangs in the u.s. military. does the dod participate in the national gang intelligence center? >> i would have to check to the the personnel assigned. i do know that we were work -- we work cooperatively with the military to address things that may be on the feet and also in the military. particularly in cases where there is indication the gang activity is not mullah gated to just the community -- is not relegated just to the commu
-- what caused concerns across europe and across the world. and i think the cypriot government understands that and i think the international community also needs to understand that in the way it's intervening in cypress. we should not let what is clearly a very big problem for cypress become a big problem for europe. >> ross, it doesn't necessarily seem his counterparts are doing anything to resolve this issue right now. but also, it didn't exactly look like westminster there. it looks like he was standing on the back porch or something. >> i can't actually see. i don't know which shot you can see. but, yes, big ben should be behind me somewhere. >> i meant behind george osborne. >> sorry. where i interviewed george was in the media center which is just down the road from the house of parliament. that's why. i didn't know if you were talking about my shoulder or that with george. that's where the journalists go and have breakfast. >> did he, ross, during that brief interview that you had with him or afterwards, express there needs to be more of a sense of urgency as far as britain is conc
or 13 years they're spending -- their spending by the government's gone berserk. it's almost tripled since the year 2000. while government revenues went up nicely in cyprus, the government spended and spent some more and we've seen that in southern europe and elsewhere and now the piper has to be paid . >> mr. forbes, given the differences you've pointed out between the economies and the attitudes of germans and german favors and those of southern europeans, do you think it would be bet father cyprus had just left the -- would be better if cyprus had just left the euro one right now? >> there's no reason why it couldn't fit together if these things were treated as a credit die sis from the very beginning -- crisis from the very beginning. in my country, for example, it won't happen, but let's say the state of illinois, which is an economic disaster disically, defaulted on its bonds, it wouldn't leave the dollar zone, it's a credit problem. that's what this should have been treated as in the beginning. figure out how you deal with the banks that are in trouble, stop piling on new taxe
threat that the u.s. government could come after our private bank deposits? yes, i do. they may not confiscate it as cyprus tried to do however there are plenty of ways to get at it. taxes, you're forced to invest in government securities and under the guise of the financial systems, yes, it's a valid concern and the bank defenders will not acknowledge it u and we've got the dow up 39, 40 points at the moment, a shrug from the stock market at the moment. >> yes, it is. stuart: you think this has no impact on the stock market, more on gold and banking stocks, you think? >> i think so, again, what it does, it calls into question the integrity of the financial community and that's what central bankers and legislators fear most. it's not the markets themselves, it's fear of the market and fear of stability because that is what drives confidence and one thing that bernanke can't afford to lose right now. stuart: here is what i think might happen. a no vote, the russians step in, europe says we can't have russia, and they step in. >> i think a power play and progression of events, but
with the risk of another government shutdown only two weeks away the budget battle heats up on the hill. the house and senate voting this week on their respective plans and then we'll have it out. good morning, everybody. great shot of washington, d.c. hope you had a great weekend. martha: i did. good morning bill hemmer, good morning everybody at home. i'm martha maccallum. what have we got here? president's budget proposal, his will not be released until early april. the dueling congressional plans are the only on shun out there. paul ryan thinks, understandably because it is his plan, thinks it is the best one. >> the goal the republican majority is to get us on a path to balanced budget to put the debt crisis out and borrow time with the bond markets. yes, i believe the president won't pass our budget into law but let's get a down payment and get a good start on the problem. that to me a constructive bipartisan engagement can accomplish. bill: with that as a baseline kelly wright live at the white house this morning a lot of talk about a grand bargain, is that being revived, kelly?
the reported 10 billion euros. he said the number has been exaggerated by the communist government, the former communist government. the officials are saying the imf nor the ecb has independently verified this figure. tyler, i have a call in to the imf. i'm awaiting their response. >>> 40% of the deposits in the cyprus banks belong to foreigners. many of whom are russian investors. robert frank here with the fallout on this. i guess it's easier for the cyprus officials to say let me take the money out rather than lay the whole cost of this bailout on cyprus' taxpayers. >> but the way they did it is surprising. cyprus is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentio
this will be perceived and that's something that our executives, and whether they're in the regular federal government or the postal service, has to take note of. that the public is watching and that they are turned off by seeing waste of taxpayer dollars or in this case, sosh service dollars. >> attendees see it another way. >> relationships and networking very important. if they just stand in their office in washington they wouldn't get the feel of what the mailers want and need in the industry because the industry's changing. technology is changing and the postal service is changing with it. >> reporter: again, the u.s. postal service spending more than 2 million dollars on exhibit space and travel expenses. that may not sound like a lot, but as one government watch dog group told me, the way you end up 16 billion dollars in debt you don't worry about a 2 million dollar expenditure. over time, harris, it all adds up. >> harris: indeed it does. thank you. and republican lawmakers stepping up calls to hear from the the survivors of the benghazi terror attacks, six months after that assault there are
. what i'm saying is from a government perspective in russia, addressing this in a broader issue and not just capital flight, do russians want 120 going out and 130 going back in. it underlines the fact that putin doesn't control a lot of money going out of the country. >> that's a good thing. it's a capitalist society. the situation between russia and cyprus is partly rich russians using cyprus. that's one thing to say. the second thing is the way russian companies are structured is the legacy of the fact that 10 or 15 years ago russians wanted to do business with the world but their own structures were so underdeveloped because they were so young because they had to use russia and they had to use cyprus. it isn't sustainable in the medium term. more and more of the market is coming back offshore. a major initiative to make moscow an international financial center. apart from that, you have to look at the diplomacy of this. it looks as if the deposit grab is being deliberately designed in order to tax russian companies and relatively wealthy russians. about a third of the deposi
are faced with a government reaching into their personal bank accounts to pay its bills. this is not like a tax. it's a smash and grab. the government runs the banks, so when they're failing and need money, they could keep the deposits that the citizens have inside their accounts. cyprus needs to come up with 7 1/2 billion dollars on its on in order to get the european unions to loan it the rest of the money to keep the country running. it's like matching funds in a highway and in belgium holding last minute talks with european leaders. they better talk quickly because the european bank has been giving emergency cash to cyprus to keep the banks there afloat. that cash stops tomorrow if there's no deal in the works. some pictures now from earlier. citizens filling the streets in panics and their businesses hurting from no cash flow and the atm's shut down. and they're worried the government will take their money. greg palkot is in cyprus and brenda buttner in the studio. let's go to graeg. what's the latest for cyprus. >> reporter: harris, it looks like it's going to be an all-nighter. an
the high cost of government. >> i don't understand all the commotion about jones, especially if they are used by law enforcement. you mentioned that people think you are crazy if you are for jones. but what about the privacy base? think about it. police five helicopters over your house now. they have cameras. do you have a problem with that? they are useful and valuable as a law enforcement tool they can help look for lost people and bad guys and their quick on their response. the fuel and maintenance costs is lower than the cost of a helicopter. as a pilot, i want them flown on the under the watchful eye of the faa. but let's help law enforcement do a better job of keeping our neighborhoods safe. melissa: thank you, tom. be sure to catch it at seven and 10:00 p.m. on saturday and sunday, the tom sullivan show. i will be a guest this weekend. happy friday and thank you for joining us. have a great weekend. >> welcome, i am shibani joshi and four gerri willis. we will tackle the new blackberry. as i don't have anything to worry about? we will discover and talk about that as we
for financial bailout. but early today the cyprusian government is sparking concern throughout the region. joining me is andrew ross sorkin of the "new york times" and francesco guerrera for financil economic. simon i'll win good you. what's going on. >> well the explanation part is that a number of cyprian banks gambled and lost in a big way on greek debt. they facing big losses and these banks are big relative to the economy. the economy needs financial assistance from the outside from the european union and i'm afraid the people running the show presumably the germans in the first instance have decided greek depositors should take a hit. the way that played out at least over the weekend was all depositors would take a hit of some kind no matter how small their deposit. it sales to be now an attempt to back away from that and focus on people with deposits over 100,000 euros targeting in part russians who hold a large amounts of money, claims on those cyprian banks. >> rose: when that happened what was the talk in the financial community citing your com a couple quotes one from dennis
, not on the court, in d.c. with pork, congress passing a bill to keep the government funded for another six months and it's chockful of pork goodies like watershed rehe billtation, environmental medication programs, whatever all that means. so, is this the march maddening group that will never get spending under control? hi, everyone, i'm brenda buttner, this is bulls and bears. let's get to it. the bulls and bears, gary b smith, tobin smith, jonas max ferris. and john, is this madness? lawmakers are fighting over what to cut, they're reallocating funds for all that pork. >> yeah, this shows exactly how bad of a character our lawmakers have in d.c. look, we have no energy plan. our education system drops in world rankings, we have no jobs plan. we have no plan. we don't even have a budget and yet, these guys are still filling things with pork to get reelected. if you're in private practice and you take money supposed to go to some project and you build a fence around your house, whether that fence is good, makes your house look better and whether your neighbors like it, it's stealing and that's ex
with you with the analogy. thanks so much. >> thank you so much. >> markets in the red as cypress governs pushing the vote on a bailout by another day, and the next guest says it's no agree. this is an isolated incident in a country so small with a very small limited economic output it went have an impact. joining us now is paul, president of heritage capital, and, paul, great to have you on the program. i know you heard phil's report on how the commodities markets react, and, yesterday, it seemed like investors were nervous, then calm, and, perhaps today they are nervous because maybe it's not just an isolated incident. maybe there will be a ripple effect more than anticipated. is it time? can you put it in the rearview mirror? >> we heard from the -- the last couple years, whatever it takes, they save the euro. whatever it takes. they are not going to have to load a revolver to save cypress, if they even want to. i think cypress is a one often. there's a lot of air in the markets. up roughly 10% on the year in equity, so, of course, any possible reason to pull some profits off the table
from the european central bank. it has created a solidarity, allowing the government to have power to impose capital controls on the big banks. while worried residents are lining up at atms. joining me now to help me with these developments is leadership for euro pacific capital. let me just start off the bat and ask you, the country has agreed to this solidarity funds. but i can't quite tell if this is the solution that the eu wants. could make good on the threat to kick out cypress? >> anything is possible. you know, i think the outrage over this deposit tax is about the honesty of the approach. if you think about it, citizens around the world suffer from that tax. in the united states, how long havee had 0 #% interest rates in the united states how much money have savers lost who keep money in the bank because they have not received interest on deposits all these years? what about prices? because the federal reserve does quantitative eang, food prices go up, gas prices up, and deposits lose value. ateast with the tax in cypress, it was more honest. the government up front saying
, you're buying a bet that is secure, as we saw the government took some of that away in the financial crisis here in the u.s., the backdrop of our racing a little? >> it certainly shows up in the various qualitative measures that are in here when you ask about how secure is the credit structure, shows up in those measures and the u.s. dropped. david: finally, i assume if they eventually go ahead and confiscate the bank deposits we would at least be above them, am i correct? >> we would be above them, they would drop substantially. david: great to see you, regulations on the report. lauren: sometimes the road to opportunity takes you through other countries. up next, focusing even deeper into the emerging market and the publicly traded companies that stand to make money off of them, money you could be making. stay with us. investor. yeah, i'm a serious investor but i'm busy guy. it used to be easier but now there are more choices than ever. i want to know exactly wh i am investing in. i want to know exactly how much i'm paying. i want to use the same uff the big guys use. find out why
have been really concerned with what's going on, with a government that buys 1.2 billion bullets, hires 16,000 new irs agents, a government that's spent a trillion more than they earn than brought in, it doesn't help. the people in this country who are afraid of losing their rights and liberty, it's scary. stuart: i want debt center stage, and it's not. >> it's not. it should be. it might be likely limited, but it shows there's nothing above political meddling. what used to be taboo is your deposits are safe from taxation. stuart: the time is up, butdagen, connell it's yours. connell: thank you, sir. dagen: if you bail out those depositors, why shouldn't they have to pay something for the bailout? just asking. connell: whole hour to talk about it. connell: good morning, stuart and company told you the bad news from europe is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats,
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